Retrospection and modern “face” of public debt management mechanisms and tools

Анотація

The article analyzes the main stages of development of approaches to public debt management from the beginning of Ukraine's independence to the present, including the period of war with the Russian Federation. The key events and factors that influenced the formation and evolution of public debt policy are identified. Changes in the political and economic situation that required adaptation of approaches to attracting and using borrowed funds are highlighted. The period after 2022, when Ukraine faced new challenges caused by the large-scale Russian-Ukrainian war, which required a revision of the debt management strategy, is considered separately. The conceptual foundations of Ukraine's modern debt policy are developed, which include transparency, stability, efficiency of use of borrowed funds and optimization of the debt burden. The importance of creating and implementing a clear strategy for attracting financial resources, including expanding the government bond market, optimizing borrowing conditions and harmonizing borrowing with the needs of the economy, is emphasized. The author emphasizes the need to legislate the basic principles of public debt management to ensure long-term financial stability. The article provides recommendations for improving approaches to public debt management in the context of post-war recovery, in particular through attracting international investment, restoration and development of infrastructure and implementation of fiscal and economic reforms. The article emphasizes the importance of increasing the efficiency of debt use and optimizing the debt burden to maintain macroeconomic stability and sustainable economic growth. The article aims to provide a holistic overview of the evolution of approaches to public debt management in Ukraine and to suggest ways to improve debt policy to maintain economic stability and sustainable growth in the face of current challenges.

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